U.S. stock futures were trending lower on Tuesday as rising treasury yields continue to dent appetite for technology stocks. However, the losses were limited as talks between President Joe Biden and Chinese leader Xi Jinping are helping to diffuse tension between the two economic powerhouses.
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Dow futures (DJIA) were down 0.08%, S&P futures (SPX) were down 0.14% and Nasdaq futures (NDX) were down 0.21% at the time of writing.
Upcoming Earnings
Walmart (WMT), Home Depot (HD), and Sea (SE) are set to report their quarterly earnings before the market opens. Varex Imaging Corporation (VREX), Tattooed Chef (TTCF), and LaZBoy (LZB) will report after the market closes.
Pre-Market Movers
BIMI International Medical (BIMI) was the most active stock in the pre-market session, with 3.42 million shares changing hands at the time of writing. The increased market activity comes after the company delivered upbeat Q3 2021 results characterized by 345.7% revenue growth.
Kezar Life Sciences (KZR) was the biggest gainer in the pre-market session, jumping 56.36% at the time of writing. The spike comes after the company delivered a positive interim Phase 2 trial data, with the study evaluating patients with Lupus Nephritis.
Exicure, Inc. (XCUR) was the biggest loser in the pre-market session, falling 26.11% at the time of writing. The sell-off comes after the company filed form 12b-25, which affirms it is unable to file its quarterly report on form 10-Q for the quarter ended September 30, 2021.
Market News
In M&A news, American Tower Corp. (AMT) has signed an agreement for the acquisition of CoreSite Realty Corp for $10.1 billion. Under the terms of the agreement, the real estate investment trust is to pay $170 per share in cash and assume or repay CoreSite’s debt. The transaction should close before the end of the year.
Meanwhile, Accenture plc. (ACN) has acquired asset performance management and capital project firm, T.A. Cook. Financial terms of the deal remain under wraps. With the acquisition, the global professional services name gains access to a company with vast expertise in data-driven maintenance, operations, and asset life cycle management.
CubeSmart (CUBE) has reached an agreement to acquire LAACO Ltd, the owner of Storage West Platform, for $1.69 billion. With the acquisition, the company will gain access to the much-desired self-storage space in the western United States.
Lucid Group (LCID) delivered mixed Q3 2021 results characterized by a wider-than-expected loss and a revenue miss. The company posted a quarterly loss of $0.43 a share, wider than the expected loss of $0.25 a share. Revenue in the quarter landed at $232,000, missing consensus estimates of $1.25 million.
Shares of Oatly Group (OTLY) fell 20.8% after the oat drink company delivered mixed Q3 2021 results due to production challenges related to COVID-19 and supply chain issues. Revenue in the quarter was up 49.2% year-over-year to $171.06 million, falling short of consensus estimates of $185.95 million. Quarterly loss landed at 7 cents a share, better than the expected loss of 9 cents a share.
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